FAQ
Appraisals
- What does an appraisal involve?
- How long does the property inspection take and what does it involve?
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Comp Searches
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What does an appraisal involve?
An appraisal involves several steps. First, the home inspection, which takes about 30 minutes to an hour depending on the size of the home. Second, after inspecting the home and verifying the size, condition and quality of the property, the appraiser researches comparable properties in the subject's neighborhood via the Multiple Listing Service. Third, the appraiser formulates a value conclusion using the sales comparison approach and generates an appraisal for the lender/client based on the available data. The final appraisal is an in-depth report around 15 to 20 pages in length.
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How long does the property inspection take and what does it involve?
The property inspection can take from 30 minutes to an hour depending on the size and complexity of the property. For a single family residence the appraiser measures the exterior and creates a sketch with accurate dimensions of the property. The appraiser then performs an interior inspection of the property, which involves walking through every room to ascertain the overall quality and condition of the home. The interior inspection also helps the appraiser identify the exact location of rooms for the building sketch that will be included in the final appraisal.
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What areas do you cover and what is your turn around time?
We cover over seven counties in the Bay Area and the surrounding vicinity. We also specialize in complex Sierra Foothill properties on acreage. For these properties, we charge an additonal fee for travel, please contact us if you would like further information on Foothill properties. Our turn around time is 3 days from the time of inspection, but we can accomodate rush orders for our clients when needed. We always contact the borrower the day we receive the order.
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What is a comparable property?
A comparable property is a property which has similar physical characteristics to the subject property. Physical characteristics include similar gross living area, similar amenities (i.e. pool, view, garage, etc.), similar quality and condition, similar design, similar location and similar age. The appraiser also has to work within certain time perameters when choosing comparable properties. A comparable property should have sold within 6 months of the date of the subject's inspection. The appraisal form for a single family residence requires 3 closed, comparable sales.
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Comp Searches
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I want to know if I should order an appraisal. Can you do a comp check for me?
This is a common question, so common that many appraisers encounter it daily. We have found that "comp searches" are not necessary, because when you order an appraisal, Atlas researches the pertinent data before we inspect a property and if there is an obvious issue, we contact the lender/client immediately. If there are no apparent issues we will proceed with the inspection.
We prefer that instead of asking for a "Comp Search" that you use these free services to check value and send us the order, after which we can devote our resources to completing a professional appraisal for you and your client.
Zillow or Real Estate ABCAs stated above, if we find any obvious issues before an inspection, we will contact you immediately.
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